Posts Tagged ‘Takata bankruptcy filing’

The troubled supplier is close to filing bankruptcy, sources claim. The filing could come as early as next week.

The long saga that has become the deal between Takata Corp. and Key Safety Systems Inc. may be winding to a close as sources report the Japanese company is close to filing bankruptcy, perhaps as early as next week.

Reuters reports that Takata has been hammering out a deal with Key for financial backing, and trying to deal with the billions of dollars in liabilities it owes due to its defective air bag inflators.

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Another sticking point is the $850 million owed by the Japanese airbag system maker to major global automakers, which is part of a settlement reached earlier this year. The company has until 2018 to pay the $850 million. Neither Takata nor Key commented on the story, Reuters reported. (more…)

With skyrocketing costs and declining revenues, Takata appears to be headed for a bankruptcy filing.

Facing major costs and declining revenues as a result of its ongoing airbag problems, Japanese auto supplier Takata is reportedly getting ready to file for bankruptcy.

The parts maker is still looking for alternatives, but has been stymied, so far, in efforts to find a white knight buyer and may have no alternatives, especially as major customers press Takata to take the bankruptcy route, according to a report by the Japanese business newspaper Nikkei.

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“The primary collective goal is assessing all bids and reaching a resolution that is in the best interests of all our stakeholders while promoting public safety and enabling Takata to remain a viable and valued global supplier to the automotive industry,” the supplier said in a statement Thursday. (more…)